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Introduction
Toyota company
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PORTERS 5 FORCES
1. Threat of new entrance Entering a car manufacturing market is very costly and risky. As the initial investment is high and the competitors or the existing firms have domination behaviour to new entrant. The existing firm’s brand name has a high level of loyalty and also has control over supplies. Toyota though has comparative plus point on to the new comers of this automotive manufacturing sector.
2. Rivalry among competitors: - There is high level of competition in the automobile industry. Continuously increase competition is fuelled by the higher consumer expectations and anticipations for the lower prices. The maximum part of the global revenues in the automobile industry is help by the top eight companies only. This has led to the strengthening of the levels of globalization and international trade with regard to automobiles and automobile spares. As the governments also support these deals, we can consider the competition to be extended even among the governments.
3. Supplier’s power: - The supplier of vehicle industry is very low. As we know that some supplies are small firm who relay on the car maker and may have only one car maker as a cline. As there are several types of suppliers in the automobile domain including the spares which include several items like the engine systems and the cooling devices. Yet there are also several similar suppliers supplying similar devices and this leads to competition between them. Hence they are required to ensure that there be appropriate levels of price ceilings since the suppliers do not have the power to change the price.
4. Buyer’s power: The increasing oil price day by day also makes Toyota cars demanding. So people are looking new, different cars which were introduced by Toyota. Hybrid cars are those cars which have more fuel efficiency, faster and have a lower starting price. Toyota have two level of making car, one hand side its making base modal which can buy by any buyer. In another side it’s also making luxuries and expensive model. . Moreover, since the choices in the car market are spilling over, the buyer has a quite strong bargaining power and low switching cost
5. Threat of substitutes: - As the industry trends indicate, the customers still have a firm trust on the used car market. Considering the fact that economy has not fully recovered, a significant part of the car demand is taken by the used car industry. With the ability to cut costs more efficiently than its competitors, Toyota has narrowed the price gap between the used cars and its own automobiles. Therefore, compare to its peers, the substitution with the used cars is less of a danger for Toyota.
Three generic strategies
Cost leadership
The cost leadership strategy is focused on the creation of leadership based on cost effectiveness. It involves the process of gaining market share by basing the firm's strategy on price...